Is Franklin Loan Center An Expensive Mortgage Lender?

We compare mortgage interest rate and loan related closing costs at Franklin Loan Center with other lenders for mortgages with similar borrower characteristics:

Interest Rate: similar to average (+0.01%)
Loan Related Closing Costs: similar to average (+$20)
Assessment: this lender tends to be a average cost lender.

This scoreboard is based on data reported to FFIEC. In the data, Franklin Loan Center originated 2094 mortgages, a national market share of 0.0%. It was most active in CA (0.3% market share), AZ (0.0% market share), and OR (0.0% market share).

On average, Franklin Loan Center’s interest rates were similar to those of comparable mortgages at other lenders (+0.01%).1The comparable mortgages control for Franklin Loan Center’s distribution of loan term (e.g. 30 year vs 15 year), loan-to-value (LTV), debt-to-income (DTI), loan amount, loan program (e.g. Conforming/FHA), loan purpose (e.g. purchase/refinance), and county. Interest rate and loan related closing costs are estimated based on fixed rate mortgages only, whereas market shares include all purchase or refinance mortgages. Its average total loan related closing cost was $6475, which was similar to those of comparable mortgages at $6454, with a difference of +$20. Overall, we estimate that Franklin Loan Center tends to be an average cost lender, with a cost-adjusted-rate difference of +0.02% compared to comparable mortgages at other lenders.2Cost adjusted rates were computed based on each percent of the loan amount in loan related closing costs being worth 1/6 of a percentage point in interest rate. Nevertheless, we recommend comparing your rate and fees with at least a few other lenders before signing with Franklin Loan Center.

Franklin Loan Center originated Conforming, FHA, Jumbo and VA mortgages for new home purchases. It also originated Conforming and FHA mortgages for refinances. We breakdown its interest rate and total loan related closing cost on by each of the mortgage types it originated below:

Home Purchase Mortgages from Franklin Loan Center compared to other lenders

Conforming FHA Jumbo VA
Interest Rate Difference -0.01% +0.04% +0.05% +0.12%
Loan related Closing Cost Difference -$19 +$295 -$448 -$672
Cost Adjusted Rate Difference -0.01% +0.05% +0.02% +0.08%

Based on the table above, Franklin Loan Center is similar to other lenders for Conforming, FHA and Jumbo purchase mortgages. It is more expensive than other lenders for VA purchase mortgages.

Mortgage Refinancing from Franklin Loan Center compared to other lenders

Conforming FHA
Interest Rate Difference +0.03% +0.06%
Loan Related Closing Cost Difference +$33 +$577
Cost Adjusted Rate Difference +0.04% +0.10%

Based on the table above, Franklin Loan Center is similar to other lenders for Conforming mortgage refinance. It is more expensive than other lenders for FHA mortgage refinance.

Other information about Franklin Loan Center:

Regulator: United States Department of Housing and Urban Development (HUD) 
Registered city and state: PALM DESERT, CA, 92260

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Footnotes   [ + ]

1. The comparable mortgages control for Franklin Loan Center’s distribution of loan term (e.g. 30 year vs 15 year), loan-to-value (LTV), debt-to-income (DTI), loan amount, loan program (e.g. Conforming/FHA), loan purpose (e.g. purchase/refinance), and county. Interest rate and loan related closing costs are estimated based on fixed rate mortgages only, whereas market shares include all purchase or refinance mortgages.
2. Cost adjusted rates were computed based on each percent of the loan amount in loan related closing costs being worth 1/6 of a percentage point in interest rate.